On the value of property that exceeds R1 000 000.00, but not R1 500 000: R12 000 plus 5% on the value exceeding R1 000 000.00.
On the value of property that exceeds R1 500 000: R37 000 plus 8% on the value that exceeds R1 500 000.
The other costs involved are the conveyance fees, deeds office fee and VAT. The conveyance fees, what you pay depends on who the conveyance attorney is and how much the property costs. The conveyance attorneys’ rates are generally between 0.7% and 1.2% of the price of the house. The fee levied by the Deeds Office to register the deed to the property in your name, depends on the value of the property, and starts at R 55 per registration, VAT 14% will apply and Post and petties which include all costs to the bank for postage's, admin fees, phones calls and odds and ends.
Previously companies, CC’s and Trusts were charged at a flat rate of 8% on the whole purchase price for transfer duty, the above scale will also now apply to them as well as natural persons, which will make a huge difference.
At the same time SARS banned manual transfer duty submissions when the new system went live on April 1 and they have introduced the new SARS Conveyancing service.